Washington State Investment Board, Olympia, committed up to $750 million to two private equity funds and made a $600 million investment in a real estate partnership, spokesman Chris Phillips said in an e-mail.
In private equity, the $111.8 billion board committed up to $500 million to KKR Asian Fund III, a pan-Asian fund with a target size of $6 billion to $7 billion managed by KKR & Co.
A commitment of up to $250 million was made to Stone Point Capital’s Trident VII, a buyout fund targeting $5.25 billion that is focused on the financial services industry in North America and Western Europe.
The board also approved a follow-on investment of $600 million in Evergreen Real Estate Partners. WSIB has previously committed a total of $4.1 billion to Evergreen.
Evergreen Real Estate Partners is managed by Evergreen Investment Advisors, an investment manager formed by M3 Capital Partners and the Washington State Investment Board.